The first entry requires revenue accounts close to the IncomeSummary account. This means thatit is not an asset, liability, stockholders’ equity, revenue, orexpense account. Permanent accounts, such as asset, liability, and equity accounts, remain unaffected by closing entries. Closing entries are a fundamental part of accounting, essential for resetting temporary accounts and ensuring accurate financial […]

Content Start selling with Quantum Purpose and Benefits of Trade Discounts Accounting for a Trade Discount trade discount ​Definitions and Synonyms Extra Accounting Legal Work: Journal Entry for Trade Discount Cash discounts refer to a discount that a seller offers to a buyer in return for paying a bill before the maturity of the due date. Trade Discount […]

Because the check written for a payee has not yet been presented to the bank for clearance, the company’s funds will reflect a deduction, but the bank balance will remain unchanged. As a result, the company’s bank balance will show a more excellent balance than its actual amount of cash in hand. Once presented to […]

For non-tax purposes, individuals can usually use their total wages as gross income. When applying for a loan, individual gross income will equal the amount of money the individual earns prior to any taxes being deducted or any expenses having been paid. Some lenders may require the use of AGI to standardize how gross income […]

First, it’s the starting point for figuring out how much tax you owe. Second, it’s often used as an eligibility requirement for loans, financial aid, and other programs. Your annual income seems bigger when you’re an independent contractor. Direct taxes are levied on your income or wealth and paid directly to the government, while indirect […]

The total amount of depreciation taken over the entire life of the asset should equal the depreciable cost (cost minus salvage value). You can manually adjust the depreciation expense taken to equal the depreciable cost, or you can include additional formulas to make sure that the total depreciation equals the depreciable cost. If you are […]

Anthony  motivates  and works  our Team Members and all sub-contractors and holds all to work with safety and perform a high finished  quality of work. Anthony conducts and attends pre -construction meetings with Team Members, Subcontractors and  issues  RFI’s if needed to  Client or Architect  to clarify the scope of work of the project. With […]

This figure does not include cash sales as cash sales do not incur accounts receivable activity. Net credit sales also incorporates sales discounts or returns from customers and is calculated as gross credit sales less these residual reductions. Since the receivables turnover ratio measures a business’ ability to efficiently collect its receivables, it only makes sense […]

With Bookkeeper360, you’ll get a dedicated virtual accountant who sends detailed reports on a monthly basis. When customers no longer have an active, paid subscription, they will not be eligible to receive benefits. Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control. Terms, […]

Content What Is Pro Forma? ProForma PORTAL Pro Forma 101 proforma Drive Business Performance With Datarails How to Create A Pro Forma Statement of Cash Flow In business, pro forma has some special meanings; a pro forma invoice, for example, will list all the items being sent but, unlike a true invoice, won’t be an […]